30. Explain the meaning and two merits of fixed foreign exchange rate.

31. State the four functions of money. Explain any one of them.

32. Giving reasons, state whether the following statements are true or false:

(i) When there are diminishing returns to a factor, total product always decreases.

(ii) Total product will increase only when marginal product increases.

(iii) When marginal revenue is zero, average revenue will be constant.

33. With the help of a diagram explain the effect of “decrease” in demand of a commodity on its equilibrium price and quantity.

34. Distinguish between a normal good and an inferior good. Give example in each case

35. Why is a firm under Perfect Competition a price-taker? Explain.

Let’s try to make this a two way exercise. While we gather the question banks, you might have some inputs on this too! Please use the comments box below and post questions that you think are important from your analysis. It would help the HSC community a lot.

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